Meet Aisyah, one of the best batik artists based in Yogyakarta. She puts so much love into her detailed designs but has a difficult time getting the word out to the world. Established galleries often demand high commissions, and global transaction services charge brain-numbing costs. Her vision? To be able to sell directly to collectors around the world and get a reasonable price for her work. For countless rising stars from Southeast Asia, this is the reality that they find themselves in. This is why Apple’s recent move to embrace developers focused on crypto is a massive win for them.
Unleashing Direct Artist-Fan Connections
Depending on how you see it, Apple’s move—brought about by the hand of antitrust justice—seems like David finally getting to sock it to Goliath. For years, app store gatekeepers have called the shots, taking a giant cut of artists’ revenues in the process. At long last, US-based developers are free to connect consumers with external payment systems, allowing them to avoid Apple’s 15-30% tax on digital purchases.
This is not only a matter of fiscal prudence, it’s empowering. This is about artists getting back direct control of their revenue streams and enabling them to build deeper relationships with their fans. Consider it the removal of the middleman, in an industry that surely could use more directly connecting, artist-first initiatives.
NFTs Fuel Global Art Sales
The NFT space is still in its infancy, but for developing artists, the possibilities are extraordinary. Now, picture Aisyah converting digital versions of her batik designs into NFTs. Apple’s recent policy change now allows her to sell these NFTs directly through her app. She links it with a crypto wallet for easy purchase and payment. Her every sale won’t be eaten alive by those fast marketplace fees anymore! She has total control to price how she wants, communicate directly with collectors and develop a loyal fan club along the way.
This new accessibility opens up a global market to artists who, due to geographic boundaries and financial constraints, were once marginalized. NFTs turn into digital assets that serve as keys to unlocking economic independence.
DeFi Powers Independent Crowdfunding
DeFi (Decentralized Finance) has opened up radical new spaces for artists to finance their work. Take for instance a musician in Manila who would like to record an album. Rather than go to a traditional record label or take out a loan, artists can create their own DeFi-enabled crowdfunding campaign.
They can raise needed capital directly from their fan base by offering tokenized rewards. These collectibles range from exclusive album tracks and entertaining behind-the-scenes clips to an actual percentage of the future royalties. Apple's policy change makes integrating these DeFi solutions into their apps much easier, bypassing traditional financial institutions and their often-exorbitant fees.
Crypto Payments Expand International Reach
Cryptocurrency markets allow artists to take payments in ways which open up a whole new level of international access. For artists living in Southeast Asia, where access to traditional banking services is often restricted, crypto acts as a lifeline. It’s borderless and cuts the hassles of currency conversion.
A visual artist in Jakarta can now accept Bitcoin or Ethereum for commissions, reaching collectors in Europe or North America without the hassle of international wire transfers and hefty bank charges. This creates a more level playing field, giving artists from developing countries the tools to reach audiences on the global stage.
Southeast Asia's Untapped Creative Potential
Southeast Asia is a hotbed of daydreamers and art-makers. Yet, most artists face significant challenges when seeking to break into the worldwide market. Areas such as lack of access to financial services, expensive transaction costs, and cultural barriers can all slow their momentum.
Apple’s new policy, though only a short-term win in the US, is an important move in the right direction to help create that playing field. This provides a ray of hope for artists such as Aisyah. They are ambitious, they are willing to be early adopters of new technologies and they’re willing to think and work globally.
The Fear: Will Apple truly embrace this change, or will they find ways to undermine it? The tech giant is arguing with the court ruling and plans to challenge it, creating an additional layer of risk. The Anxiety: How long before Apple takes it away?
A Call To Action
This is just the beginning. Now we call on Apple to bring this policy worldwide. Southeast Asia is another crucial battleground region where the potential impact could be particularly far-reaching. Other platforms need to do the same, adopting decentralized technologies and giving artists the tools they need to take their futures into their own hands.
To all the artists out there: explore the possibilities that crypto and DeFi offer. Mint NFTs, run crowdfunding campaigns, and receive payments in crypto. The future of art is decentralized — don’t miss your opportunity to position yourself at the forefront.
Don't fight the future. Embrace it. Champion these changes, and become a true partner to emerging artists across the globe. You hold the keys to open the door to a new age of innovation and economic opportunity. Don't waste it.
